The investment promotion agency of the Department of Trade and Industry, the Board of Investments (BoI), announced that it has already surpassed last year's investment approvals, posting P1.35 trillion in approved investments to date.
On Monday, Trade Undersecretary and BoI Managing Head Ceferino Rodolfo said the P1.35 T in approved investments came from 255 projects approved by the BoI, a significant 82 percent increase compared to the P1.26 trillion full-year investment approvals for 2023.
“As we celebrate our 57th anniversary, we are more inspired by the strong show of confidence by local and foreign investors in the Philippines, that has made it possible for BOI to hit the P1.3 trillion mark in investment approvals,” said Rodolfo.
“This accomplishment highlights our agency's unwavering commitment to nurturing a thriving investment landscape and harnessing our country’s potential to be the prime investment destination for smart and sustainable manufacturing and services. We are excited to build on this momentum to work towards industrial transformation and economic growth that benefits all Filipinos,” he added.
Broken down, the energy sector, mainly projects in renewable energy, continued to dominate the investment approvals at P1.29 trillion.
Other top sectors included Real Estate Activities (Mass Housing) at P20.28 billion; Manufacturing at P12.13 billion; Agriculture, Forestry, and Fishing at Php10.05 billion; and Administrative and Support Service Activities at P5.46 billion.
Filipino companies reinforced their strong standing as the top contributor to investment approval at P1.01 trillion, marking a 221 percent increase from the same period in the previous year.
The CALABARZON region remained the top recipient of local investments with P602.63 billion, followed by Central Luzon (P258.68 billion), Western Visayas (P238.88 billion), Bicol Region (P142.87 billion), and Ilocos Region (P62.68 billion).
Foreign investments constituted a substantial portion of the approved projects as well, amounting to PHP 341.78 billion.
Leading the foreign investors was Switzerland, contributing P286.77 billion, followed by the Netherlands with P39.58 billion, and Singapore with P6.18 billion.
The United States and Taiwan also made notable contributions with P1.68 billion and P1.30 billion, respectively.
“These investments are critical to strengthening the Philippines' economic foundation. The focus on renewable energy and manufacturing is helping drive sustainable growth, creating thousands of jobs, and improving the quality of life for Filipinos. The keen investment interest from both local and foreign investors will propel long-term economic progress and position the country as a global leader in strategic investments,” Rodolfo emphasized.